Bitcoin Mining Becomes More Sustainable: Mining Council Q4 Survey

In the fourth quarter of 2021, the share of the global bitcoin mining industry using renewable energy to generate electricity increased by 1% to 58.5%, new data shows.

The Bitcoin Mining Council (BMC) released its fourth-quarter findings on Jan. 18.

The survey focuses on three indicators: sustainable electricity mix, technical efficiency and electricity consumption.

Established in May In 2021, BMC is a voluntary global forum for Bitcoin mining companies such as Bit Digital, BitFury, Bitfarms, and Atlas Mining, as well as other industry organizations.

Michael Saylor, founder and CEO of MicroStrategy, a key member of the BMC noted:

“This quarter, we saw a trend of significant improvements in the energy efficiency and sustainability of Bitcoin mining due to advances in semiconductor technology, the rapid expansion of the mining industry in North America, the exodus from China, and the global shift to sustainable energy and modern mining techniques.”

This voluntary survey compiles sustainable energy information from miners who make up more than 46% of the global Bitcoin network. According to the survey, Mining Council members themselves use electricity for 66.1% of their sustainable energy mix.

Self-reported data was then used to estimate the sustainable energy mix for the global bitcoin mining industry to be around 58.5% in the fourth quarter, an increase of one percentage point from the third quarter figure. The industry’s estimated technical efficiency also rose 9 percent to 19.3 petahash per megawatt.

Core Scientific and BMC co-founder Darin Feinstein noted that the hash rate of BMC participating members increased by 77% in the fourth quarter.

related: Georgian citizens swear to stop mining cryptocurrencies

The environmental impact of Bitcoin mining has been hotly debated for some time now, and the U.S. Congress is now preparing to thoroughly study the energy impact of proof-of-work blockchains.House Energy and Commerce Committee Just Announced Key Witnesses to Testify on Energy and Environmental Issues The Impact of Cryptocurrency Mining at the January 20 Hearing.

Notable witnesses include BitFury CEO Brian Brooks, Cornell Tech professor Ari Juels and Soluna Computing CEO John Belizaire.

With increasing pressure from the public, shareholders and governments, Bitcoin miners are increasingly looking for sustainable energy sources. Investors like Shark Tank star Kevin O’Leary, also known as mr marvelous, saying they are looking to buy shares in mining companies that use sustainable energy.

a possible way Further exploration is nuclear energy. At the Bitcoin and Beyond virtual summit in early November, VP Griid Harry Sudock said that nuclear energy could offer an opportunity to introduce a large amount of clean, carbon-free energy.